Surging U.S. job growth lowers bar for Fed rate hike

November 6, 2015 10:39 PM

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Strong growth in the number of U.S. jobs last month bolstered the case for a December interest rate hike by the Federal Reserve, where officials had already begun to worry the economy might eventually overheat without higher borrowing costs.

Employers outside of the farming sector added 271,000 jobs in October, the most in 10 months, and the jobless rate fell to a 7-1/2-year low of 5.0 percent, the Labor Department said on Friday.